Kimco Realty® Further Upsizes Term Loan Facility to $550 Million
Kimco Realty® (NYSE: KIM), a leading REIT specializing in open-air, grocery-anchored shopping centers, has upsized its unsecured term loan to $550 million from the previous $500 million. The amendment added one bank while maintaining existing terms and credit covenants. Kimco also entered into an interest rate swap agreement, fixing the rate on the incremental term loan at 4.3175%.
Proceeds will be used for general corporate purposes, including managing debt maturities and opportunistic investments. The company's portfolio includes 567 U.S. shopping centers and mixed-use assets, totaling 101 million square feet of gross leasable space as of June 30, 2024. Kimco's strategy focuses on first-ring suburbs of major metropolitan markets, particularly high-barrier-to-entry coastal markets and expanding Sun Belt cities.
Kimco Realty® (NYSE: KIM), un REIT leader specializzato in centri commerciali all'aperto ancorati a negozi di alimentari, ha aumentato il proprio prestito a termine non garantito a 550 milioni di dollari rispetto ai precedenti 500 milioni. L'emendamento ha aggiunto una banca mantenendo i termini e i vincoli di credito esistenti. Kimco ha anche stipulato un contratto di swap sui tassi d'interesse, fissando il tasso sul prestito incrementale al 4,3175%.
Le risorse saranno utilizzate per scopi corporativi generali, inclusa la gestione delle scadenze del debito e investimenti opportunistici. Il portafoglio dell'azienda comprende 567 centri commerciali negli Stati Uniti e beni a uso misto, per un totale di 101 milioni di piedi quadrati di spazio affittabile lordo al 30 giugno 2024. La strategia di Kimco si concentra sui sobborghi di prima fascia delle principali aree metropolitane, in particolare mercati costieri con barriere all'ingresso elevate e città in espansione del Sun Belt.
Kimco Realty® (NYSE: KIM), un REIT líder especializado en centros comerciales al aire libre anclados en supermercados, ha aumentado su préstamo a plazo no garantizado a 550 millones de dólares desde los anteriores 500 millones. La enmienda agregó un banco manteniendo los términos y convenios de crédito existentes. Kimco también firmó un acuerdo de intercambio de tasas de interés, fijando la tasa del préstamo incremental en el 4,3175%.
Los fondos se utilizarán para fines corporativos generales, incluyendo la gestión de los vencimientos de deuda e inversiones oportunistas. El portafolio de la empresa incluye 567 centros comerciales en EE. UU. y activos de uso mixto, totalizando 101 millones de pies cuadrados de espacio arrendable bruto hasta el 30 de junio de 2024. La estrategia de Kimco se centra en los suburbios de primera línea de los principales mercados metropolitanos, especialmente en mercados costeros con altas barreras de entrada y ciudades en expansión del Sun Belt.
Kimco Realty® (NYSE: KIM), 식료품점이 있는 오픈 에어 쇼핑 센터를 전문으로 하는 주요 REIT이 무담보 만기 대출을 5억 달러에서 5억 5천만 달러로 증액했습니다. 수정안에서는 기존 조건과 신용 약정을 유지하면서 한 개의 은행을 추가했습니다. Kimco는 또한 증가된 만기 대출에 대해 4.3175%로 금리를 고정하는 금리 스왑 계약을 체결했습니다.
자금은 일반 기업 목적, 부채 만기 관리 및 기회 투자에 사용될 것입니다. 회사의 포트폴리오는 567개의 미국 쇼핑 센터와 복합 용도 자산을 포함하여 2024년 6월 30일 기준으로 총 1억 1천만 스퀘어 피트의 총 임대 가능 공간을 보유하고 있습니다. Kimco의 전략은 주요 대도시 시장의 1차 링 교외 지역, 특히 진입 장벽이 높은 해안 시장 및 확장 중인 선벨트 도시들에 집중됩니다.
Kimco Realty® (NYSE: KIM), un REIT leader spécialisé dans les centres commerciaux en plein air ancrés par des supermarchés, a augmenté son prêt à terme non garanti à 550 millions de dollars par rapport aux 500 millions de dollars précédents. L'amendement a ajouté une banque tout en maintenant les termes et les conventions de crédit existants. Kimco a également conclu un contrat de swap de taux d'intérêt, fixant le taux sur le prêt à terme supplémentaire à 4,3175 %.
Les produits seront utilisés à des fins d'entreprise générales, y compris la gestion des échéances de la dette et des investissements opportunistes. Le portefeuille de la société comprend 567 centres commerciaux aux États-Unis et des actifs à usage mixte, totalisant 101 millions de pieds carrés d'espace louable brut au 30 juin 2024. La stratégie de Kimco se concentre sur les banlieues de première couronne des principaux marchés métropolitains, en particulier les marchés côtiers avec des barrières à l'entrée élevées et les villes en expansion du Sun Belt.
Kimco Realty® (NYSE: KIM), ein führendes REIT, das sich auf offene Einkaufszentren mit Lebensmittelgeschäften spezialisiert hat, hat sein unbesichertes Terminkreditvolumen von 500 Millionen auf 550 Millionen Dollar erhöht. Die Änderung fügte eine Bank hinzu und behielt die bestehenden Bedingungen und Kreditvereinbarungen bei. Kimco ist auch eine Zins-Swap-Vereinbarung eingegangen, die den Zinssatz des zusätzlichen Terminkredits auf 4,3175% fixiert.
Die Erlöse werden für allgemeine Unternehmenszwecke verwendet, einschließlich der Verwaltung von Schuldnerläufen und opportunistischen Investitionen. Das Portfolio des Unternehmens umfasst 567 Einkaufszentren in den USA und gemischte Nutzungsobjekte mit einer Gesamtfläche von 101 Millionen Quadratfuß an netto vermietbarer Fläche zum 30. Juni 2024. Die Strategie von Kimco konzentriert sich auf die ersten Vororte wichtiger Großmärkte, insbesondere auf Küstenmärkte mit hohen Markteintrittsbarrieren und wachsende Städte im Sun Belt.
- Increased unsecured term loan facility by $50 million to $550 million
- Fixed interest rate of 4.3175% on the incremental term loan through a swap agreement
- Maintained existing favorable terms and credit covenants in the loan amendment
- Proceeds to be used for debt management and opportunistic investments
- None.
Insights
Kimco Realty's decision to upsize its term loan facility to
This upsizing allows Kimco to better manage its debt maturities and potentially take advantage of investment opportunities in the real estate market. With a portfolio of 567 properties and 101 million square feet of leasable space, Kimco's focus on essential, necessity-based goods positions it well in the current economic climate. The company's inclusion in the S&P 500 Index and its long-standing presence in the market further underline its stability and potential for steady returns.
Kimco's strategic concentration in first-ring suburbs of major metropolitan areas, particularly in high-barrier-to-entry coastal markets and expanding Sun Belt cities, is a key strength. This positioning allows the REIT to capitalize on urbanization trends while maintaining a diverse geographic footprint. The focus on grocery-anchored shopping centers provides resilience, as these tend to be less affected by e-commerce disruption.
The upsized term loan facility gives Kimco additional financial flexibility to pursue value-enhancing redevelopment activities, a important aspect of maintaining competitiveness in the evolving retail landscape. With
JERICHO, N.Y., Sept. 04, 2024 (GLOBE NEWSWIRE) -- Kimco Realty® (NYSE: KIM), a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States, announced today that it has amended and upsized its unsecured term loan to
The amendment added one bank with the terms, applicable spread, maturity date and credit covenants unchanged from the term loan agreement dated January 2, 2024 (as amended on May 3, 2024 and July 17, 2024 prior to the date hereof) with Toronto Dominion (Texas) LLC, as administrative agent, and certain lenders party thereto. Subsequently, the company entered into an interest rate swap agreement, fixing the rate on the incremental term loan to a rate of
Toronto Dominion (Texas) LLC served as Administrative Agent, Royal Bank of Canada and U.S. Bank National Association served as Syndication Agents, BNP Paribas and Scotia Financing (USA) LLC, served as Documentation Agents, and Regions Bank served as Senior Managing Agent, TD Securities (USA) LLC served as Sole Bookrunner and Joint Lead Arranger and Royal Bank of Canada and U.S. Bank National Association, served as Joint Lead Arrangers on the upsized
About Kimco Realty®
Kimco Realty® (NYSE: KIM) is a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States. The company’s portfolio is strategically concentrated in the first-ring suburbs of the top major metropolitan markets, including high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities. Its tenant mix is focused on essential, necessity-based goods and services that drive multiple shopping trips per week. Publicly traded on the NYSE since 1991 and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value-enhancing redevelopment activities for more than 60 years. With a proven commitment to corporate responsibility, Kimco Realty is a recognized industry leader in this area. As of June 30, 2024, the company owned interests in 567 U.S. shopping centers and mixed-use assets comprising 101 million square feet of gross leasable space.
The company announces material information to its investors using the company’s investor relations website (investors.kimcorealty.com), SEC filings, press releases, public conference calls, and webcasts. The company also uses social media to communicate with its investors and the public, and the information the company posts on social media may be deemed material information. Therefore, the company encourages investors, the media, and others interested in the company to review the information that it posts on the social media channels, including Facebook (www.facebook.com/kimcorealty), Twitter (www.twitter.com/kimcorealty) and LinkedIn (www.linkedin.com/company/kimco-realty-corporation). The list of social media channels that the company uses may be updated on its investor relations website from time to time.
Safe Harbor Statement
This communication contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “commit,” “anticipate,” “estimate,” “project,” “will,” “target,” “plan,” “forecast” or similar expressions. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which, in some cases, are beyond the Company’s control and could materially affect actual results, performances or achievements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) general adverse economic and local real estate conditions, (ii) the impact of competition, including the availability of acquisition or development opportunities and the costs associated with purchasing and maintaining assets; (iii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iv) the reduction in the Company’s income in the event of multiple lease terminations by tenants or a failure of multiple tenants to occupy their premises in a shopping center, (v) the potential impact of e-commerce and other changes in consumer buying practices, and changing trends in the retail industry and perceptions by retailers or shoppers, including safety and convenience, (vi) the availability of suitable acquisition, disposition, development and redevelopment opportunities, and the costs associated with purchasing and maintaining assets and risks related to acquisitions not performing in accordance with our expectations, (vii) the Company’s ability to raise capital by selling its assets, (viii) disruptions and increases in operating costs due to inflation and supply chain disruptions, (ix) risks associated with the development of mixed-use commercial properties, including risks associated with the development, and ownership of non-retail real estate, (x) changes in governmental laws and regulations, including, but not limited to, changes in data privacy, environmental (including climate change), safety and health laws, and management’s ability to estimate the impact of such changes, (xi) the Company’s failure to realize the expected benefits of the merger with RPT Realty (the “RPT Merger”), (xii) significant transaction costs and/or unknown or inestimable liabilities related to the RPT Merger, (xiii) the risk of litigation, including shareholder litigation, in connection with the RPT Merger, including any resulting expense, (xiv) the ability to successfully integrate the operations of the Company and RPT and the risk that such integration may be more difficult, time-consuming or costly than expected, (xv) risks related to future opportunities and plans for the combined company, including the uncertainty of expected future financial performance and results of the combined company, (xvi) effects relating to the RPT Merger on relationships with tenants, employees, joint venture partners and third parties, (xvii) the possibility that, if the Company does not achieve the perceived benefits of the RPT Merger as rapidly or to the extent anticipated by financial analysts or investors, the market price of the Company’s common stock could decline, (xviii) valuation and risks related to the Company’s joint venture and preferred equity investments and other investments, (xix) collectability of mortgage and other financing receivables, (xx) impairment charges, (xxi) criminal cybersecurity attacks, disruption, data loss or other security incidents and breaches, (xxii) risks related to artificial intelligence, (xxiii) impact of natural disasters and weather and climate-related events, (xxiv) pandemics or other health crises, such as the coronavirus disease 2019 (“COVID-19”), (xxv) our ability to attract, retain and motivate key personnel, (xxvi) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the Company, (xxvii) the level and volatility of interest rates and management’s ability to estimate the impact thereof, (xxviii) changes in the dividend policy for the Company’s common and preferred stock and the Company’s ability to pay dividends at current levels, (xxix) unanticipated changes in the Company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity, (xxx) the Company’s ability to continue to maintain its status as a REIT for U.S. federal income tax purposes and potential risks and uncertainties in connection with its UPREIT structure, and (xxxi) other risks and uncertainties identified under Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023. Accordingly, there is no assurance that the Company’s expectations will be realized. The Company disclaims any intention or obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to refer to any further disclosures the Company makes in other filings with the Securities and Exchange Commission (“SEC”).
CONTACT:
David F. Bujnicki
Senior Vice President, Investor Relations and Strategy
Kimco Realty Corporation
1-833-800-4343
dbujnicki@kimcorealty.com
FAQ
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